Question

Goldman Company reported the following manufacturing overhead variances. (Click the icon to view the overhead variances.) 24. Record the journal entry to adjust Manufacturing Overhead. 25. Was Manufacturing Overhead overallocated or underallocated? 24. Record the journal entry to adjust Manufacturing Overhead. (Prepare a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Data Table Variable overhead cost variance 430 F Variable overhead efficiency variance Fixed overhead cost variance 514 U 670 U 630 F Fixed overhead volume variance 25. Was Manufacturing Overhead overallocated or underallocated? Manufacturing Overhead was adjusted with a which indicates overhead was Print Print Done Done

Answer 1

Answey 29. Journal Entry to Adjust Manufacturing overhegh Goldman Company Joyrnal Entry Debi(t) Credit (5) - Dr. 514 - Particulars Journal Entry to adjust manufacturing overheat Variable Overhead Efficiency Vavia Oce – Fixed overhead Cost variance - To variable overhead Cost Variance To Fixed Overheyd volume variance To many facturing overhead Balancing Figte) (Being to record adjustment of manufacturing Overhead) 670 430 630 124 Total 1184 1189 25. Was the manufacturing overhead over allocated or under allocated ? many fercturing overhead was adjusted with a credit balance which indicates Overhead was underallocated

In the journal entry of adjusting manufacturing overhead, we have seen that many facturing overhead has credited with a balance. Also many faclyring Overhead is undevallocated as it was eredited with a balancing figure